OPENLANE enters into C$175M Canadian revolver and C$50M sublimit to finance Manheim Canada acquisition

OPENLANE, Inc.

First Amendment establishes C$175M 2024 Canadian Revolving Facility for ADESA Auctions Canada.
Also creates a C$50M Canadian sublimit borrowable under the existing revolving facility.
Proceeds to partially fund asset acquisition from Manheim Canada, plus fees and working capital.
Interest on CORRA loans ranges from CORRA +2.50% to +3.00%; Prime loans from Prime +1.50% to +2.00%.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OPENLANE, Inc. amended First Amendment with JPMorgan Chase Bank, N.A., as administrative agent valued at C$175,000,000 (effective 2024-01-19).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: C$175,000,000
Effective: 2024-01-19

Exact text from the filing

OPENLANE, Inc. (the “ Company ”) and ADESA Auctions Canada Corporation, a subsidiary of the Company (the “ Canadian Borrower ”), entered into a First Amendment Agreement (the “ First Amendment ”) to the Credit Agreement

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OPENLANE, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-005617

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